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ASC comes to rescue for Woodnook lodges
The Thompson family has owned the 60 acre Woodnook Farm in North Yorkshire since the early 1960’s. Mr Thompson decided to use a corner of the farm to develop into Woodnook Holiday Park between 2001 – 2004 and financed it using a series short term credit facilities having received various verbal assurances from their bankers that it could all be put onto a long term mortgage once completed.
These assurances never materialised and they were left with £250,000 of debt at high rates of interest. The balance comprising 29 separate accounts was costing nearly £4,500 per month to service their debt with the majority on an interest only basis with the balance never reducing. They were referred to Iain Blair at ASC’s West Yorkshire offices by their Financial Advisor, Chris Cundle.
Using ASC’s established procedures and connections in the banking industry ASC were able to consolidate their existing mortgage and all of the short term debt onto a single 15 year loan.
The business had always been successful, but the saving of around £3,000 per month on cash flow has suddenly made it profitable and left the family feeling very confident about the future. If only they’d met ASC sooner. Find out more about Woodnook here www.woodnook.net
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